The previous year’s surplus of 12 billion has been the most

The surplus of the Urban Renewal Authority (hereinafter referred to as the URA) for the fiscal year 2017 to 2018 (hereinafter referred to as the previous year) was 12.04 billion yuan, which was 2.8 times higher than the 2016-2017 surplus of 3.14 billion yuan, and was recorded for four consecutive years. The surplus was a new high since the establishment of the URA in 2001. However, the chairman of the URA, Su Qinghe, was not overly optimistic about “making big money”, but also believed that the surplus had reached its peak.

Su Qinghe: Has reached the peak

Su Qinghe said that the high turnover was mainly due to the “very good price” of the commercial projects at the Garfield Street in Central. However, due to the uniqueness of the commercial sites held by the Bureau, and the high density of the old buildings, they do not have the potential for reconstruction. The future is expected. It’s hard to make big money again. He said that although the $12 billion surplus is historically highest, property prices are currently high and the URA needs to spend more than $10 billion to purchase old buildings. Even if the current financial pressure on the Bureau does not exist, if the market changes, there may be ” High buying and low selling.

He also pointed out that in the future, the old district will continue to be developed in a residential mode, but it cannot be completed by the URA alone. It also depends on private developers and individual owners and other stakeholders to join the new thinking and expects the community Were all afraid of collusion between officials and businesses.”

Wan Chai Consolidation Earns 8.8 Billion

In addition, the URA documents also disclosed that four of the redevelopment projects in the previous year had completed development and recorded a total surplus of about 10.27 billion yuan. If the government exempted land prices, the net surplus was about 8.1 billion yuan. Three of the four projects have earned money, among which the redevelopment project of Lee Tung Street in Wan Chai was started in 2003. The total surplus was about 8.84 billion yuan, and the net surplus was about 6.79 billion yuan; as for the 2007 Washou Street project in Mong Kok, it has been developed. For SKYPARK, a loss of approximately RMB 170 million was recorded. If the Government exempted the land premium, the net loss increased to approximately RMB 940 million.